You will need a 7/16 to cut the radius's for the corners and a 5/16 for the trigger slot if you want "mill spec". You will also need to cut 1.25" deep. I prefer to use a 1.25" flute length and cut the whole thing with that but some people use a shorter flute length and cut to its max depth and then change to the longer mill and cut the rest. I like the center cutting 37 degree helix in 2 flute for milling lowers. It is designed for aluminum and it seems to cut a little better. I can't find them in 7/16....at least reasonably priced, so I use 1/2" instead of 7/16 for the main fire control pocket. You will also need a 3/8 drill bit for the safety, a #23 drill bit for the trigger and hammer pins, a .155, or .156 reamer and a .375 reamer. I had everything but the reamers so I paid the $20 bucks or so for them. If you are buying all of them and buy low to middle grade cutters, bits and reamers you will probably have close to $50 into it. You can spend a lot more or a little less but that will give you a ball-park price. If you have real sharp and good bits, you can get away without the reamers by using a 5/32 and a 3/8 bit. I like to go slightly undersize and ream to size but you don't really have to. Take your time and measure 6 times before you cut once. 7075 can't be welded and it sucks to make a mistake...trust me.
Enco is a good source, good prices, good selection and good service all combined with fast shipping. There are places that may be a little cheaper but it won't be by much and if you find something cheaper, they price match anyway.
I am no expert but I do a lot of metal work and have a small machine shop set up in my garage so I will answer your questions as best I can.